Camper & Nicholsons Marina Investments saw its net asset value fall from 17.1 cents to 16.1 cents over the course of 2014. The company had a cash injection of £2.4m last June from First Eastern Holdings who are now the majority shareholder in the business, holding 52%. With their help they secured the Victoria Quay project announced yesterday and they hope to take on more work in the future.
They also restructured their debt from a bullet repayment in June 2015 to amortisation between June 2016 and June 2019 and cut the interest rate to LIBOR +3% from 5.7% fixed.
Within the rest of the business, berth sales were sluggish and their plans for the Chinese market are progressing slower than they would like.
CNMI : Camper & Nicholsons ready to grow again